October 03, 2018
Cadwalader, Wickersham & Taft LLP partner Joshua Apfelroth recently moderated a panel at the 11th annual Capital Link Shipping & Marine Services Forum in London.
The panel, titled “Everything Flows, Nothing Stands Still: Game Changers & the Future of the Shipping Industry,” examined the regulations, technology and market forces impacting the shipping industry.
Joining Apfelroth on the panel were the following: Andreas Hadjipetrou, Managing Director at Columbia Shipmanagement; Evan Sproviero, Head of Projects at GMS; Frederick J. Kenney, Director of Legal and External Affairs at International Maritime Organization; Dr. Sadan Kaptanoglu, CEO of Kaptanoglu Shipping and President Designate of BIMCO; and Clay Maitland, Founding Partner of the North American Marine Environment Protection Association (NAMEPA) and Managing Partner of International Registries.
“As we all know, the shipping industry has suffered through an elongated down cycle caused by a number of factors, including slowing global economic growth, an oversupply of vessels and weakened investor confidence,” Apfelroth said. “Recently, we have begun to see a recovery in the market and a return to profitability for a number of shipping companies, generating cautious optimism among shipowners and other industry participants.”
He added, “However, this hopeful outlook is threatened by a number of uncertainties, including increased trade protectionism, the implementation of new environmental regulations, industry consolidation and the availability of viable financing sources. The industry’s ability to navigate these challenges, while also preventing fleet overexpansion, will be critical to ensuring a continued market recovery.”
Based in New York, Apfelroth counsels clients in a broad range of complex transactional matters, including public and private mergers, acquisitions, divestitures, proxy contests, tender offers, exchange offers, spinoffs and joint ventures. He also represents issuers, underwriters and selling stockholders in connection with public and private securities offerings. Apfelroth has advised shipping industry clients on transactional matters and securities offerings.
Cadwalader’s Corporate Group has a long history in the shipping industry. In recent years, the firm has advised several leading shipping companies on acquisitions, public offerings and restructurings.